OMP, LLC Acquires Property At 1900 W Hubbard St Chicago With Seller's Rep Nicholas Schaefer
1900 W Hubbard St, Chicago, IL, 60622
Building Size
—
Asset Type
Retail
Closing
Nov 22, 2023
About this deal
AI
The property involved in the transaction is located at 1900 W Hubbard St, Chicago, IL, 60622. It encompasses an 18,000-square-foot flex warehouse building situated on a 30,000-square-foot lot. This property features first-floor flex and warehouse space, along with a loft office on the second floor. Its location lies within the Kinzie Corridor on the West Side of Chicago.
Summary of transaction details:
- Property Type: Flex Warehouse
- Transaction Amount: Not disclosed
- Address: 1900 W Hubbard St, Chicago, IL, 60622
- Market: Chicago
- Seller's Representative: Nicholas Schaefer
- Buyer: OMP, LLC
- Seller: Complete Lighting
Cawley Chicago played a significant role in this transaction, representing Complete Lighting as the seller. The team, which includes Zach Pruitt and Nicholas Schaefer, is engaged in the adaptive reuse and redevelopment sector. OMP, LLC plans to redevelop the site into new flex, office, and light retail property.
Players
Chicago Retail Market Snapshot
Boundary boundary · Retail · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93